5 Tips on Finding the Right Business
Armando O. Bartolome Posted at 11/07/15 11:01 AM
MANILA – How time really flies. It is already November and 53 days from now, it will be another year. Many of us have been searching for answers in finding the right business. Unfortunately, the search seems endless.
Here are five tips on how to find the right business that suits you.
1. Be patient in searching.
Today’s world is one of a quick-fix mentality. The word “patience” is becoming passé. Results must come out fast like the flick of a finger. Exert and work patience to one’s favor.
There are sources to finding the business such as business magazines, websites, forums, newspaper columns, and shopping malls. At times, a business opportunity may be somewhere by the roadside or market place. Use and sharpen your senses.
How many brands known today began and were discovered in a public market in the provinces? The internet has tons of information. Have a notebook handy to jot down notes. Leaving to memory may be an additional stress.
- Know what you want.
Searching and being patient will be more effective if one knows what he wants to get. I meet people who want to obtain a business without even knowing what kind of business to get in the first place. This is like learning how to ride a horse facing backside. This stage is where many are getting stuck.
Be honest and admit for what reasons will the business for? For those with families, better have a dialogue. Listen to suggestions as well as consider opposing views.
3. Build a strong confidence level.
There are businesses which may not be gleaming. The secret is in seeing beyond the face value. Diamonds only shine after undergoing refinement. Try and judge the value of the business, including products and services. Never be ashamed of the chosen business.
Often, I catch people adding “lang” after their business. If the chosen field is buying and sell cars, then say so with a chin up. I remember my late grandfather, Luis Olivares Sr. He was in the middle of his review for the bar examination all set and prepared. Then one day he just threw the towel and shifted to trading. He never regretted his law background. He was able to give objective pieces of advise when it comes to legal matters to his fellow traders.
His business was buying bottles from different junkyards. He would then wash and later travel to Baguio City to sell to strawberry jam manufacturers. Come to think of it, he was able to send all his nine children to prestigious schools in Ateneo, University of the Philippines, and College of the Holy Spirit.
- Study and do the numbers, please.
Never be afraid of doing the numbers. A business concept will never be complete without taking in the investment as well as the projected income. This is the same in franchising. I advise people to never just look at the franchise business. Dig deeper and be as objective and accurate in analyzing the financial picture. Looking at the branches and seeing crowds may not be the only indicators in getting the franchise.
The preparation of the sales projection by the prospective franchisee is a must. Responsible franchisors are open to assist. Remember, the products may be in demand but if the payback is going to take years and with less time to enjoy a profit, it is not a wise move. Tita Julie Gandionco, founder of Julie’s Bakeshop, began her financial literacy by using different envelopes for each expense like utilities and salaries. Any excess amount, she deposits to the bank. Today, Julie’s Bakeshop has over 600 branches with two overseas: Alberta, Canada and Abu Dhabi.
5. Manage the business.
In my years in this field, successful entrepreneurs are those who take the time to devote in managing the business. Nurturing a business takes time. There is no instant growth. This is not by means of remote control or just passing the buck to personnel.
If one needs to roll up his sleeves, then do so. Whenever I am in downtown Manila like Binondo, I am amazed to see how the Chinese have their business downstairs and live on the upper floors. Meantime, it pays to document every procedure to attain consistency.